Italian Prime Minister Letta resigns

Italian Prime Minister Enrico Letta has submitted his resignation after his Democratic Party backed a call for a new administration. Party leader Matteo Renzi, 39, had argued that a change of government was needed to end "uncertainty". Mr Renzi, who was elected party leader in December, appears poised to be nominated for prime minister. The announcement has had no impact on financial markets, in contrast with the volatility seen before. Matteo Renzi is a politician in a hurry. He personifies the frustration felt by many Italians at the apparent inability of his country's leaders to deal with Italy's rapid economic decline, which has led to the impoverishment of an ever growing number of families. He is under 40, charismatic, smart and - in his own words - "hugely ambitious". That is his strength. But he also has his weaknesses. He has so far had a career only in local politics in his native Florence, and lacks experience in Rome's Byzantine political arena. He has never been elected to parliament and has no popular mandate. According to opinion polls, most Italians would prefer him not to take over the reins of government, according to BBC.